China Everbright : CHANGE OF CHIEF EXECUTIVE OFFICER / PRESIDENT

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CHINA EVERBRIGHT LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 165)

CHANGE OF CHIEF EXECUTIVE OFFICER / PRESIDENT

The board of directors (the "Board" or the "Director(s)") of China Everbright Limited (the "Company", together with its subsidiaries, collectively the "Group") hereby announces that due to a change in the Group's management structure:

• (i) Dr. Zhao Wei ("Dr. Zhao") has ceased to be the Chief Executive Officer of the Group (the "CEO") with effect from 24 March 2021; and

• (ii) Mr. Zhang Mingao ("Mr. Zhang"), currently an Executive Director, has been appointed as the President of the Group (the "President") with effect from 24 March 2021.

Dr. Zhao continues to serve as the Chairman of the Board (the "Chairman") and Executive Director upon ceasing to act as the CEO. He has confirmed to the Board that he has no disagreement with the Board and there is no matter in relation to his cessation as the CEO that needs to be brought to the attention of the shareholders of the Company.

Biographical Details of Mr. Zhang

Mr. Zhang Mingao, aged 53, is an Executive Director and the President. He is also a member of the Executive Committee and the Strategy Committee of the Board, the vice chairman of the Management Decision Committee of the Group and a director of a number of subsidiaries of the Company. Mr. Zhang is also the Chairman of Everbright Jiabao Co., Ltd. (stock code: 600622.SH) and a Non-executive and Non-independent Chairman of Ying Li International Real Estate Limited (stock code: 5DM.SGX). Mr. Zhang was the General Manager of Asset Management Department of China Everbright Bank Company Limited (stock code: 601818.SH, 6818.HK) ("Everbright Bank"). Since Mr. Zhang joined Everbright Bank in 1999, he had served as the Risk Director of Everbright Bank (Suzhou Branch), the Risk Director of SME Department of Everbright Bank (Headquarter) and the President of Everbright Bank (Wuxi Branch). Mr. Zhang holds a Bachelor of Economics degree in Rural Financial Professional from the College of Economics and Trade of Nanjing Agricultural University. He has over 30 years of industry and management experience in the financial industry. He joined the Board in December 2017.

Save as disclosed above, Mr. Zhang (i) did not hold any directorship in other listed public companies in the past three years, (ii) does not hold any position with the Company and other members of the Group, and (iii) does not have any relationship with any Directors, senior management, substantial or controlling shareholders of the Company.

As at the date of this announcement, Mr. Zhang has other interest of 208,567 ordinary shares of the Company, which are held through an independently managed fund, of which he holds certain non-voting, participating and redeemable shares, within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Mr. Zhang has entered into a service contract with the Company with no specific term and his directorship is subject to retirement by rotation and re-election at annual general meetings in accordance with the articles of association of the Company. There is no director's emolument and salary for Mr. Zhang as an Executive Director. For his employment as senior management of the Group, Mr. Zhang was entitled to a salary and allowance of HK$2,052,000 for the year of 2020 and is also entitled to a discretionary bonus, which are determined by the Remuneration Committee of the Board with reference to his duties and responsibilities, his performance, the performance of the Group and the market conditions.

Save as disclosed above, the Board is not aware of any other matters or information that need to be brought to the attention of the shareholders of the Company or to be disclosed pursuant to rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") in relation to the appointment of Mr. Zhang as the President.

Compliance with the Corporate Governance Code

Code provision A.2.1 of the Corporate Governance Code (the "Code") as set out in Appendix 14 to the Listing Rules states that the roles of chairman and chief executive should be separate and should not be performed by the same individual. As disclosed in the announcement of the Company dated 25 September 2020, the Company had deviated from code provision A.2.1 of the Code upon the appointment of Dr. Zhao, the then CEO, as the Chairman. Upon review of the above arrangement, the Board has resolved to separate the two roles by the appointment of Mr. Zhang as the President, while Dr. Zhao continues to serve as the Chairman. After the above changes in the Group's management structure, the Company has complied with code provision A.2.1 of the Code.

By order of the Board

China Everbright Limited

Zhao Wei

Chairman

Hong Kong, 24 March 2021

As at the date of this announcement, the directors of the Company are:

Executive Directors:	Independent Non-executive Directors:
Dr. Zhao Wei (Chairman)	Dr. Lin Zhijun
Mr. Zhang Mingao (President)	Dr. Chung Shui Ming Timpson
Mr. Tang Chi Chun Richard	Mr. Law Cheuk Kin Stephen
Mr. Yin Lianchen